The Australian Dollar has declined by 125 pips or 1.78% against the US Dollar since Wednesday’s trading session.
The exchange rate is currently testing a support level formed by the 200– hour simple moving average at 0.6921.
If the support line holds, bullish traders would target the 0.7000 level during the following trading session.
However, if the currency exchange rate breaks the 200– hour SMA, a decline towards the weekly pivot point at 0.6875 could be expected during the following session.
